- GBP/USD takes the bids towards six-month-old falling resistance line.
- A downside break of 1.2780 could recall 200-day SMA, 50% Fibonacci retracement.
With its sustained trading beyond 61.8% Fibonacci retracement of March-September downpour, GBP/USD takes the bids to 1.2940 amid the initial Asian trading session on Monday.
The quote now preparing to confront a downward sloping trend line since September month start, at 1.3000, in order to justify its strength in confronting the previous month high close to 1.3015.
In a case where prices manage to stay positive beyond 1.3015, the 1.3100 could offer an intermediate halt to the rally targeting May month high of 1.3178.
On the contrary, pair’s daily closing below 61.8% Fibonacci retracement level of 1.2842 can fetch prices to 1.2790/80 support confluence including 21-day Simple Moving Average (SMA), late-June high and the late-October low.
Should there be an increased downside below 1.2780, 200-day SMA level of 1.2710 and 50% Fibonacci retracement level near 1.2670 will lure bears.
GBP/USD daily chart
Trend: bullish
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